India Billionaire’s Chip Foray Faces Setback as Foxconn Exits

Anil Agarwal’s $19 billion semiconductor-making ambitions in India were dealt another setback after his Taiwanese partner decided to part ways with the billionaire’s Vedanta Ltd. on a planned joint venture.

Hon Hai Technology Group, also known as Foxconn, will not move forward on the project with Vedanta, it said in a statement Monday, adding that the decision was based on a mutual agreement.

“Foxconn is working to remove the Foxconn name from what now is a fully-owned entity of Vedanta,” it said.

Last week, Vedanta said it will acquire the semiconductor and display glass units from a group ...